The phrase ‘don’t leave home without it’ is about to pertain more to your phone than the plastic in your wallet!
Cardless transactions are coming to all Wells Fargo ATMs
According to Wells Fargo Chief Executive Tim Sloan, you soon won’t need your ATM card to actually get money out of the ATM.
The bank will convert all of the 13,000 ATMs in its network to offer this functionality by next week, Sloan revealed during a town hall employee meeting.
That makes Wells Fargo the first bank to bring its entire network of ATMs online in the cardless technology arena.
For those who aren’t familiar with cardless transactions, this technology typically works by associating your smartphone with your account via a digital wallet or app. When you’re at an ATM, your phone communicates with the ATM and you tell it how much money you want to withdraw.
With Wells Fargo in particular, you’re given an eight-digit code that you then enter into the ATM to get your cash.
No ATM card or traditional four-digit PIN necessary anymore!
However, you’ll still have the option of using your debit card to do a traditional ATM withdrawal.
New security concerns with cardless transactions
While cardless transactions are expected to cut down on the criminal use of skimmers, the new technology still comes with some new threats to your banking security.
In January, we told you about how crooks stole $2,900 from a woman’s Chase account via cardless transaction fraud as part of an elaborate ruse.
Unfortunately, Chase was not forthcoming when it came to giving the woman her money back — in fact, the big bank only did so after prompting from a security firm that got wind of the case and went public with it.
When Wells Fargo launches cardless transactions, it will join not only Chase in having this new technology, but also smaller institutions like BMO Harris Bank and Wintrust Financial.
Of course, if you’re worried about your ATM money in a cardless era, the solution to this one is simple: Don’t do cardless ATM transactions!
Opt for traditional carded transactions and be sure to check for skimmers on ATMs and take these precautionary steps as you enter your PIN.
These apps let you send cash from your phone for free
Source: These apps let you send cash from your phone for free by Clark on Rumble